Lower levels for Suncorp

by Michael Gable

Last week saw Suncorp break down from what appears to be an ascending triangle. These patterns will often be seen at the top of the trend as the buyers and sellers converge to a higher point, and ultimately the bears win out. Based on this pattern, we should expect to see SUN head down towards the base of this pattern which represents a dollar downside from current levels. However in the short term, we expect a small bounce in SUN towards $13. So that represents an opportunity to either exit the stock, or for the short sellers to enter at a better price. Our preferred regional bank is BEN.


Disclaimer: Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

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